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In 1960, O mortgaged a parcel of unregistered land to M as collateral for a loan. In 1966, after O failed to repay the loan for 5 years, M foreclosed on the mortgage and obtained title to the land. In 1977, O's son P filed suit to annul the mortgage and sale, claiming the land was actually conjugal property belonging to O and his wife, and their sons inherited their shares. P argued this 11 years after M obtained title through foreclosure.
In 1960, O mortgaged a parcel of unregistered land to M as collateral for a loan. In 1966, after O failed to repay the loan for 5 years, M foreclosed on the mortgage and obtained title to the land. In 1977, O's son P filed suit to annul the mortgage and sale, claiming the land was actually conjugal property belonging to O and his wife, and their sons inherited their shares. P argued this 11 years after M obtained title through foreclosure.
In 1960, O mortgaged a parcel of unregistered land to M as collateral for a loan. In 1966, after O failed to repay the loan for 5 years, M foreclosed on the mortgage and obtained title to the land. In 1977, O's son P filed suit to annul the mortgage and sale, claiming the land was actually conjugal property belonging to O and his wife, and their sons inherited their shares. P argued this 11 years after M obtained title through foreclosure.
as collateral for a loan, O acted through his attorney-in-fact, son S, who was duly authorized by way of a special power of attorney, wherein O declared that he was the absolute owner of the land, that the tax declarations/ receipts were all issued in his name, and that he has been in open, continuous and adverse posession in the concept of owner.
As O was unable to pay back the loan plus interest for the past five (5) years, M had to foreclose the mortgage. At the foreclosure sale, M was the highest bidder. Upon issuance of the sheriffs final deed of sale and registration in January 1966, the mortgage property was turned over to Ms possession and control. M has since then developed the said property. In 1967, O died survived by the sons S and P. In, 1977, after the tenth (10th) death anniversary of his father O, son P filed a suit to annul the mortgage deed and subsequent sale of the property, etc., on the ground of fraud. He asserted that the property in question was conjugal in nature actually belonging, at the time of the mortgage, to O and his wife, W, whose conjugal share went to their sons (S and P) and to O. (a) Is the suit filed by P barred by prescription? Explain your answer.
After the issuance of the sheriffs final deed of sale in 1966 in this case, assuming that M applied for registration under the Torrens system and was issued a Torrens title to the said property in question, would that added fact have any significant effect on your conclusion. State your reason. Under Art. 173 of the Civil Code, the action is barred by prescription becasue the wife had only ten (10) years from the transaction and during the marriage to file a suit for the annulment of the mortgage deed.
Alternative answers to (a) First Alternative Answer: (a) The mortgage contract executed by O, if at all, is only a voidable contract since it involves a conjugal partnership property. The action to annul the same insitituted in 1977, or eleven years after the execution of the sheriffs final sale, has obviously prescribed because:
An action to annul a contract on the ground of fraud must be brought within four (4) years from the date of discovery of the fraud. Since this is in essence an action to recover ownership, it must be reckoned from the date of execution of the contract or from the registration of the alleged fraudulent document with the assessors office for the purpose of transferring the tax decalaration, this being unregistered land, (Bael v. Intermediate Appelate Court, G. R. L-74423 Jan. 30, 1989 169 SCRA 617)
2. If the action is to be treated as an action to recover ownership of land, it would have prescribe just the same because more than 10 years have already elapsed since the date of the execution of the sale.
Second alternative answer: (a) the action to recover has been barred by acquisitive prescription in favor of M considering that M has possessed the land under a claim of ownership for ten (10) yeas with a just title.
(b) If M had secured a Torrens title to the land, all the more S and P could not recover because if at all their remedies would be:
1. A petition to review the decree of registration. This can be availed of within one (1) year from the entry thereof, but only upon the basis of actual fraud. there is no showing that M committed actual fraud in securing his title to the land; or An action in personam against M for the reconveyance of the title in their favor. Again, this remedy is available within four years from the date of discovery of the fraud but not later than ten (10) years from the date of registration of the title in the name of M. Governed by Arts. 2024-2031 A contract whereby the debtor secures to the creditor the fulfillment of a principal obligation, specially subjecting to such security immovable property or reall rights over immovable property in case the principal obligation is not complied with at the time stipulated
An accessory contract- its consideration is the same as that of principal contract from which it originated Does not involve transfer or conveyance of property but merely constitutes a lien thereof Real perfected upon delivery Accesory ancillary to the main contract Subsidiary and unilateral
Real Estate mortgage Only covers real properties Must appear in a public instrument Registration in Registry of Property binds third persons but not for validity of contract Kinds: Voluntary Legal Equitable
Distinguished from Pledge:
Mortgage Pledge
Constitute immovables movables
Delivery is not necessary delivered to the pledgee
Not valid on third persons not valid unless registered unless appearing on public document Absent express stipulation to the contrary, the mortgage includes the accessions, improvements, growing fruits and income of the property not yet received when the obligation becomes due and to the amount of the indemnity granted or owing to the proprietor from the insurers of the property mortgaged, or in virtue of expropriation for public use The mortgage credit may be alienaed or assigned to a third person, in whole or part, with the formalities required by law